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Unsure which option best fits your situation? We’ve got you covered. Let our advisors assist you in selecting the correct filing option.

Tax Filing Categories

INDIVIDUAL FILING

1040, 1040A, 1040EZ & 1040NR

Most individual filings are completed using a 1040A. The IRS Form 1040A is one of three forms you can use to file your federal income tax return. Form 1040A is a shorter version of the more detailed Form 1040 , but is more complex than the simple 1040EZ form. All taxpayers can use Form 1040; however, to use Form 1040A you must satisfy a number of requirements, such as having taxable income of $100,000 or less and claiming the standard deduction rather than itemizing.

The income section of the 1040A only allows you to report limited types of income. Specific items include wages, salaries and tips, interest and dividend income, capital gains, IRA, pension and annuity distributions, unemployment compensation, Alaska permanent fund dividends and Social Security benefits. If you have other types of income, such as from a business you operate as a sole proprietorship, you still must report the income since it is taxable, but you must file the full-length Form 1040.

Those who own sole proprietorships or rental properties should also file out of the 1040 suite of filing forms. Our experts can help you in selecting the form that best fits your situation.

BUSINESS FILING

PARTNERSHIPS, CORPORATIONS, LLC’S, S-CORPORATIONS & LIMITED LIABILITY PARTNERSHIPS

Use Form 1120, U.S. Corporation Income Tax Return, to report: income, gains/losses, deductions, credits, and to figure the income tax liability of a corporation.

Who must file a 1120?

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return. Entities electing to be taxed as corporations. A domestic entity electing to be classified as an association taxable as a corporation must file Form 1120, unless it is required to, or elects to file a special return listed under Special Returns for Certain Organizations. The entity must also file Form 8832, Entity Classification Election, and attach a copy of Form 8832 to Form 1120 (or the applicable return) for the year of the election.

Limited liability companies (LLC). If an entity with more than one owner was formed as an LLC under state law, it generally is treated as a partnership for federal income tax purposes and files Form 1065, U.S. Return of Partnership Income. Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner’s federal income tax return. The LLC can file a Form 1120 only if it has filed Form 8832 to elect to be treated as an association taxable as a corporation.

FOREIGN FILING

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside. However you may need to file tax form 2555, 1116 or simply a 1040A. We specialize in foreign earned income, foreign estates & filing taxes for our military and civilians stationed over seas. Let our certified tax experts help you select which forms are right for your situation.